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Priscillah Ndadi Appointed Chief Operations Officer, Botswana Life

The Board of Botswana Life Insurance Limited (Botswana Life) is pleased to announce that, following relevant internal and regulatory approvals, Ms. Priscillah Ndadi has been substantively appointed as the Chief Operations Officer (COO) of the business with immediate effect. Ms. Ndadi has been acting in the role since February 2018, and prior to that served as Botswana Life’s Premium Collections Manager for a period of five (5) years.

“We are thrilled to share the news that Priscillah has been confirmed by NBFIRA, after successfully being vetted, to serve as the COO of Botswana Life. We have every confidence in her abilities, and her sound history within the business is even more reassuring. What is especially pleasing is that we have recruited from within our staff complement, for this speaks of the depth of skills development within Botswana Life. Not only is it a great confirmation of our internal talent building efforts and the passion within our team, but it is a point of pride to see our own grow and excel, an example for the many other ambitious team members,” said Botswana Life CEO, Ronald Samuels.

Ms. Ndadi’ s new role will include a sharp focus on the business’ overarching operational strategy. This is through driving key change and transformation initiatives geared towards improved client experience, operational efficiency and effectiveness across Botswana Life’s vast branch network. She will have overall accountability for new business and underwriting, policy servicing, claims management, records management, premium collections, all aspects of customer service and client communication including through the contact centre.

As a Licentiate of IISA, Ms. Ndadi holds a Bachelor of Accountancy degree from the University of Botswana, an MSc in Strategic Management from the University of Derby as well as the Sanlam Emerging Markets Leadership Development Programme with Stellenbosch University. She boosts of over 14 years of pertinent experience in the financial services industry mainly in the life insurance, pension fund administration and asset management sectors.

Concluded Ms. Ndadi, “It is with great honour that I accept this responsibility in a substantive capacity, for I believe we have much great work to do as a team, and I am confident I will play a meaningful part in this role for our business to continue being the market leader that it is. I am eternally grateful to the team for their continued support thus far and look forward to delivering value for the shareholder and trailblazing in unchartered territories together with my team.”

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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